SEC 13F Intelligence

Managers / Q1 2020 · view latest →

Soapstone Management L.P.

CIK 0001726948 · 7500 OLD GEORGETOWN ROAD, SUITE 200, BETHESDA, MD, 20814 · 212-319-1438

Reported Value
$116M
Q1 2020
Positions
15
Filings on Record
30
2019–present window
Filed
May 15, 2020
original filing

Summary

Soapstone Management L.P. reported $116M in U.S.-listed holdings across 15 positions for Q1 2020.

Its largest position, BLDR, represents 19.5% of the portfolio.

Compared with Q4 2019, the fund opened 2 new positions and exited 3.

Portfolio Metrics

Turnover
+14.0%
vs prior filed quarter
Top-10 Concentration
+89.6%
share of reported value
Largest Position
+19.5%
Builders Firstsource
New / Exited
2 / 3
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $166MQ4 ’18Q1 ’19: $205MQ2 ’19: $184MQ3 ’19: $184MQ4 ’19: $157MQ4 ’19Q1 ’20: $116MQ2 ’20: $174MQ3 ’20: $204MQ4 ’20: $232MQ4 ’20Q1 ’21: $225MQ2 ’21: $249MQ3 ’21: $238MQ4 ’21: $217MQ4 ’21Q1 ’22: $219MQ2 ’22: $236MQ3 ’22: $256MQ4 ’22: $237MQ4 ’22Q1 ’23: $224MQ2 ’23: $224MQ3 ’23: $216MQ4 ’23: $183MQ4 ’23Q1 ’24: $179MQ2 ’24: $150MQ3 ’24: $120MQ4 ’24: $106MQ4 ’24Q1 ’25: $128MQ2 ’25: $151MQ3 ’25: $147MQ4 ’25: $136MQ4 ’25Q1 ’26: $140Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 84.7%REIT: 15.3%
  • Common Stock · 84.7% · $98M
  • REIT · 15.3% · $18M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FCPTFOUR CORNERS PPTY TR INCNEW+286.0K286.0K+$5M$5M
EQHEQUITABLE HLDGS INCNEW+200.0K200.0K+$3M$3M
PSAPUBLIC STORAGEADDED+37.1K62.5K+$7M$12M
URIUNITED RENTALS INCADDED+40.6K69.1K+$2M$7M
AXA EQUITABLE HLDGS INCSOLD OUT−250.0K0−$6M$0
CCCHEMOURS COSOLD OUT−125.0K0−$2M$0
OCOWENS CORNING NEWSOLD OUT−12.5K0−$814,000$0
SUSUNCOR ENERGY INC NEWTRIMMED−182.5K117.5K−$8M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2020

15 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BLDRBUILDERS FIRSTSOURCE INChistory →COM19.50%$23M1.85M
2SCHWSCHWAB CHARLES CORPhistory →COM11.59%$13M400.0K
3PSAPUBLIC STORAGEhistory →COM10.70%$12M62.5K
4OLNOLIN CORPhistory →COM PAR $19.93%$12M987.5K
5BECNUSDBEACON ROOFING SUPPLY INChistory →COM9.62%$11M675.0K
6GOOGLALPHABET INChistory →CAP STK CL A6.58%$8M6.6K
7URIUNITED RENTALS INChistory →COM6.13%$7M69.1K
8BMCHBMC STK HLDGS INChistory →COM6.11%$7M400.0K
9NSPINSPERITY INChistory →COM4.82%$6M150.0K
10FCPTFOUR CORNERS PPTY TR INChistory →COM4.61%$5M286.0K
11UNHUNITEDHEALTH GROUP INChistory →COM3.18%$4M14.8K
12EQHEQUITABLE HLDGS INChistory →COM2.49%$3M200.0K
13WFCWELLS FARGO CO NEWhistory →COM2.47%$3M100.0K
14SUSUNCOR ENERGY INC NEWhistory →COM1.60%$2M117.5K
15ASIXADVANSIX INCCOM0.67%$782,00082.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$140M12May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$136M13Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$147M13Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$151M15Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$128M14May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$106M15Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$120M15Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$150M18Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$179M16May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$183M19Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$216M18Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$224M18Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$224M17May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$237M18Jan 25, 202313F-HRchanges · EDGAR ↗
Q3 2022$256M21Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$236M18Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$219M15May 6, 202213F-HRchanges · EDGAR ↗
Q4 2021$217M18Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$238M17Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$249M20Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$225M19May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$232M20Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$204M20Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$174M17Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$116M15May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$157M16Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$184M17Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$184M18Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$205M19May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$166M21Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.